Posted at 12:32 p.m., Wednesday, October 11, 2006
Revenue at local nonprofits swells to $4 billion in '05
Advertiser Staff
Hawaii's nonprofit organizations saw their annual revenues increased by 5 percent during the past five years to about $4 billion in 2005, according to a study released today.The Hawai'i Community Foundation and SMS Research, which conducted the study, also said that expenditures by the state's 5,100 tax-exempt organizations are about $3.8 billion a year, or about 8 percent of the state's gross domestic product. They also pay about $1.45 billion in salaries each year, or about 7 percent of all paid by all industries statewide.
"The message is that the nonprofit sector continues to be very vibrant," said Kelvin Taketa, president and chief executive officer of the Hawaii Community Foundation. "It's a huge part of the economy and it continues to grow in good times and bad."
